Today's Market Influencer :
Today Movement - Neutral to Positive
US market Future Indices and Asia are mixed . The oil prices are at $82.13/bbl(0.18%) this is even after a crude inventory buildup in US instead of a draw showing that bulls have more control of the market and USDINR at 72.44 ( 0.10%) will open lower due to import duty hikes and has seen lowest level of 72.34 overnight.
We expect today to be a Neutral to Positive day given flat Oil prices & USDINRappreaciation due to import hike and dollar dumping due to rate hike.
Important Day Level is 11014/11135.
Stock of the Day :
Apollo Tyre Ltd. - Down Level 223/New Low 3-5% & 230/235
Import Duty hike announced last night included duty hike from 10% to 15% in Radial Car Tyres which would help this company as its main competition is China import tyres. Will have positive day today.
POSITIONAL NIFTY LEVEL :
ALERT : PREVIOUSLY NIFTY CLOSED ABOVE 30 MIN AND BELOW 2MIN SUPPORT WHICH CREATES A NEGATIVE TREND WE BELIEVE IN SHORT TERM THERE IS A DOWNTURN AND CLOSED BELOW 1DAY AS WE HAD RAISE THE CONCERN THE CORRECTION CAME IN WE BELIEVE THIS IS NOT GOING TO SETTEL SOON WHICH WE RECOMMEND TO CREATE CASH AND WAIT TILL REVERSAL SEEN.
Note : These are derived from an Internal Indicator and any movement or close below/above Support/Resistance of one time period moves the Support/Resistance to next time period.
Example : if current market levels is below or above 2 min levels then immediate levels to keep watch are 30 Min levels.